2. Demand- The quality of a good, that people are willing to pay large amounts for.
3. Scarcity- Not a sufficient amount of supply.
4. Producer-A person responsible for financial purposes.
5. Consumer- People that, use goods or services, to satisfy there needs, that are not for sale.
6. Goods- The supply of the stuff your selling.
7. Services- Activities performed by people, or government to satisfy the community.
8. Entrepreneur- The word entrepreneur means a person who starts their own business with the aim of making a good profit.
9. Cost- An amount that must be payed to obtain something.
10. Opportunity Cost- The opportunity cost is the second best thing or option that must be given up when limited resources are used for one purpose instead of another.
11. Competition- Attempts by two or more people to achieve the same financial service.
12. Income- The payment that the company received for goods or services, or from other sources.
13. Expenditure- Goods & services provided by the government, & payed for taxing borrowing.
14. Barter- Trading goods or services, in return for other goods or services without using money to do so.
15. Inventory- A list of goods held by a person & or business.
16. Invest- To use money to purchase in something offering potential profits from.
17. Material- The substance of which something is composed into.
18. *Capitalism- The word capitalism means a system of economics that determines the competition in the free market.
19. *Socialism- Socialism is a political theory in which the production, distribution, and exchange are in charge by the community collectively, mainly by the state where they control the economy.
20. *Communism- Communism is the theory in which the distribution of products and the collective ownership of property is based on need.
Define the following:
1. Supply- How much you get of something.
2. Demand- The quality of a good, that people are willing to pay large amounts for.
3. Scarcity- Not a sufficient amount of supply.
4. Producer-A person responsible for financial purposes.
5. Consumer- People that, use goods or services, to satisfy there needs, that are not for sale.
6. Goods- The supply of the stuff your selling.
7. Services- Activities performed by people, or government to satisfy the community.
8. Entrepreneur- The word entrepreneur means a person who starts their own business with the aim of making a good profit.
9. Cost- An amount that must be payed to obtain something.
10. Opportunity Cost- The opportunity cost is the second best thing or option that must be given up when limited resources are used for one purpose instead of another.
11. Competition- Attempts by two or more people to achieve the same financial service.
12. Income- The payment that the company received for goods or services, or from other sources.
13. Expenditure- Goods & services provided by the government, & payed for taxing borrowing.
14. Barter- Trading goods or services, in return for other goods or services without using money to do so.
15. Inventory- A list of goods held by a person & or business.
16. Invest- To use money to purchase in something offering potential profits from.
17. Material- The substance of which something is composed into.
18. *Capitalism- The word capitalism means a system of economics that determines the competition in the free market.
19. *Socialism- Socialism is a political theory in which the production, distribution, and exchange are in charge by the community collectively, mainly by the state where they control the economy.
20. *Communism- Communism is the theory in which the distribution of products and the collective ownership of property is based on need.